Technical Analysis: XAUUSD

XAUUSD surged by about 3%

On Monday, XAUUSD increased by about 3%. At one point, it broke above the US$4450 mark, reaching a one-week high.

Geopolitical risks escalated

The US made a raid on Venezuela and captured Venezuelan leader Nicolás Maduro recently, triggering geopolitical turmoil. Affected by that, risk aversion continued rising.

The USDX rose and then fell

On Monday, the USDX rose and then fell. At one point, it revised the highest level since 10^th December. However, after that, it continue falling. It ended down 0.10% at 98.32.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that XAUUSD will jump further. Investors should focus on whether XAUUSD will break through the resistance at 4500. It will jump with potential resistance at 4550 if it breaks above 4500.

4-hour chart

On the 4-hour chart, XAUUSD climbed steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether XAUUSD will break through the support at 4400. It will rise further if it retreats but is stable above 4400.

Key resistance: 4500,4550

Key support: 4400,4370

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as XAUUSD retreats during the day.